Welcome to our dedicated page for PARTS iD news (Ticker: ID), a resource for investors and traders seeking the latest updates and insights on PARTS iD stock.
PARTS iD, Inc. (NYSE: ID) operates a pioneering digital commerce platform serving automotive enthusiasts through CARiD.com and specialized verticals like BOATiD and MOTORCYCLEiD. This news hub provides investors with essential updates about corporate developments, technology innovations, and market expansions.
Access real-time announcements including quarterly earnings reports, strategic partnerships, and platform enhancements. Our curated feed ensures you never miss regulatory filings, leadership updates, or operational milestones impacting ID's market position.
Key coverage areas include new vertical launches, e-commerce technology advancements, and consumer market trends. Bookmark this page for direct access to SEC filings, press releases, and analysis of ID's growth in niche automotive and recreational markets.
PARTS iD, Inc. (NYSE American: ID) has announced that board member Lev Peker will take over as Chief Executive Officer. Peker, who previously led CarParts.com, increased annual revenue over 100% during his tenure, along with a nearly fourfold boost in EBITDA and a market cap rise of over 500%. The Chairman, Prashant Pathak, expressed confidence in Peker's leadership abilities to drive growth for PARTS iD. Peker emphasized the significant opportunity presented by the company's technology-driven business model in the automotive aftermarket sector. Founded in 2008, PARTS iD aims to innovate the eCommerce experience within niche markets, focusing on parts and accessories for vehicles.
PARTS iD, Inc. (NYSE American: ID) announced that its Board of Directors is evaluating strategic alternatives to maximize shareholder value. The Company is considering various options, including mergers, asset sales, and financing alternatives. Canaccord Genuity has been retained as a financial advisor while DLA Piper will serve as legal counsel. The Board has not set a timeline for this process and will only disclose developments if a definitive agreement is reached or deemed necessary. This evaluation comes amid challenges posed by competition, supply chain disruptions, and external economic factors that might impact their operations.
PARTS iD, Inc. (NYSE American: ID) announced the appointment of James Doss as Chief Financial Officer, effective January 1, 2023, following Kailas Agrawal's retirement. Doss brings extensive financial experience, previously serving as CFO at Indyme Solutions and RF Industries, and aims to enhance liquidity and profitability for PARTS iD. The company focuses on digital commerce in the automotive aftermarket and is committed to delivering a superior shopping experience.
PARTS iD reported a 22.1% decrease in net revenue for Q3 2022, totaling $79.9 million, down from $102.6 million in Q3 2021. Despite challenges like supply chain issues and high inflation, gross margin slightly improved to 19.9%. Operating loss narrowed to $(3.0) million from $(4.2) million. Overall, the net loss widened to $(6.3) million compared to $(3.3) million a year ago. Adjusted EBITDA turned positive at $0.2 million. For the year-to-date, net revenue dropped 18.4% to $279.0 million, with cash on hand decreasing to $4.2 million.
PARTS iD, Inc. (NYSE American: ID) will announce its third-quarter financial results for the period ended September 30, 2022, after market close on November 9, 2022. A conference call will follow at 4:30 p.m. ET, with a slide presentation available via webcast on the company's website. Interested parties can join the call by dialing (888) 437-3179 or (862) 298-0702. The archived webcast will also be accessible, and a telephonic replay will be available until November 16, 2022, using conference ID 13734284.
FAQ
What is the market cap of PARTS iD (ID)?
